Does the Stock Rally Still Have Steam?

"Until the world gets a little scarier, equities are likely to continue to outperform" bonds, writes David Kelly, a JPMorgan strategist.

In theory, the continued strong rally in U.S. and global stocks in early 2013 should be regarded as a very positive development for investors.

In practice, emotions are more mixed, ranging from the regret felt by those who missed out on much of the rally by being overweight fixed income and cash, to distrust in the minds of those who have seen markets rise to these levels twice before in the last dozen years, only to be followed by...